Anglo American profit up 15%, plans tarmac unit sale

SimonKennedy

LONDON (MarketWatch) -- Mining group Anglo American
AAL, -1.77%
said Friday that its first-half net profit rose 14.8% to $3.38 billion as revenue grew 5.4% to $19.85 billion. The group said the results were a combination of a strong performance from its platinum, base metals, ferrous metals and industrial minerals divisions as well as continued strong metal prices. The firm also announced plans to sell its tarmac unit after deciding it is not a core part of the business and said it will commence a $4 billion share buyback program. CEO Cynthia Carroll described the group's safety performance in the period as "completely unacceptable" and said immediate action has been taken to improve safety, particularly in its Anglo Platinum unit. Anglo American said the outlook for the majority of its metals and minerals business remains positive and added slower U.S. economic growth has been offset be strength in Asia.

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